12 Practice Building Tips for Financial Advisors

According to U.S. Bureau of Labor Statistics, the projected change in the number of Personal Financial Advisors from 2012 to 2022 is +27%, which is much higher than the average growth rate (11%) for all occupations. This is a sign of opportunity as well as an increase in competition.

To help you outrank this growing competition and at the same time, build an enjoyable and dynamic practice, check out the infographic below – featuring the top 12 practice building tips by Don Connelly.

Also, be sure to check the 4-CD set, How to Excel in the Securities Industry, a full practice management library available in our store.

12 Practice Building Tips by Don Connelly - Financial Advisors INFOGRAPHIC

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If you need help building a successful Financial Advisory practice, visit Don Connelly 24/7 – a learning center dedicated to training and coaching Top Financial Advisors.
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#1 – Strive for Excellence

Get really good at what you do. Do the ordinary things extraordinarily well.

#2 – Ask for Commitment

There are only two ways you can gather assets: either you wait until someone offers, or you ask.

#3 – Be Accountable

Don’t run and hide if a recommendation doesn’t work out. Your clients deserve better. You’re allowed to say you made a mistake.

#4 – Decide. Commit. Succeed.

People get successful on purpose, not by accident. You can’t become great until you decide to be great. Make a commitment to succeed.

#5 – Demonstrate Leadership

The more uncertain the times, the more certainty clients will demand from you. Form an opinion and voice it assertively.

#6 – Use Storytelling

Become a great storyteller. Then learn two or three great stories and stick with them.

#7 – Focus on the Right Things

First markets may change but the reasons clients invest don’t change. Second, you’ve got to make a living. Keep your eye on these two simple facts – everything else is white noise.

#8 – Be a Great Listener

You have to listen to people in order to get to know them. It’s impossible to learn anything while you are talking.

#9 – Create a Repeatable Process

The more successful we become, the further we get away from the basics that made us successful in the first place. Stick to your repeatable process – it brings predictable results over time.

► Premium members of Don Connelly 24/7 learning center have access to a 10 minute audio podcast how to create a repeatable process – click here to listen to it (member log in required)

#10 – Choose Your Clients

The decision to open the account is yours as well as the other person’s. Make it a point to do business with people you like and with people who like you.

#11 – Market Yourself Right

ETF, mutual funds and annuities a part of your inventory. Your purpose is to get clients retired and get their children educated. Market yourself accordingly.

#12 – Get Proactive

You can’t build a reputation on what you are going to do. Don’t be content with hanging an “open” sign in the window. Get out on the street and get people to come in.

Bottom-line: Becoming a successful and happy Financial Advisor is all about focusing on a handful of positive things and implementing them extraordinarily well.

Start today with doing an honest self-assessment against each of these 12 tips. Create a list of areas that need your attention and start working on them right away.

All these qualities in combination with your hard skills will work like a magic wand for your practice. In addition to radiating your passion and love for this profession, you will also come across as smart, trust-worthy and likeable to your prospects and clients.

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